! Required information Problem 6-1A (Algo) Perpetual: Alternative cost flows LO P1 [The following information applies to the questions displayed below.) Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March Units Sold at Retail Units Acquired at Cost 230 units @ $53.60 per unit 290 units @ $58.60 per unit Date March 1 March 5 March 9 March 18 March 25 March 29 390 units @ $88.60 per unit Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals 150 units 280 units @ $63.60 per unit @ $65.60 per unit 260 units @ $98.60 per unit 650 units 950 units Problem 6-1A (Algo) Part 1 Required: 1. Compute cost of goods available for sale and the number of units available for sale. Cost of Goods Available for Sale Cost per Cost of Goods Available # of units Unit for Sale Beginning inventory Purchases: March 5 March 18 March 25 Total 2. Compute the number of units in ending inventory. Ending inventory units 3. Compute the cost assigned to ending Inventory using (a) FIFO, (b) LIFO, () weighted average, and (d) specific Identification. For specific Identification, units sold include 130 units from beginning Inventory, 260 units from the March 5 purchase, 110 units from the March 18 purchase, and 150 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using FIFO. Goods Purchased Cost per # of units unit Date Perpetual FIFO: Cost of Goods Sold Cost per cost of Goods Sold unit # of units sold Inventory Balance Cost per Inventory # of units unit Balance 230 at $ 53.60 = $ 12.328.00 $ March 1 March 5 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals Perpetual FIFO Perpetual LIFO > 3. Compute the cost assigned to ending Inventory using (a) FIFO, (D) LIFO. (0) Welghted average, and (c) specific identification. For specific identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase, 110 units from the March 18 purchase, and 150 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Perpetual FIFO Perpetual LIFO Weighted Average Specific Id Compute the cost assigned to ending inventory using LIFO. Perpetual LIFO: Cost of Goods Sold Cost per Cost of Goods Sold unit Goods Purchased Cost per # of units unit Date # of units sold Inventory Balance Cost per Inventory # of units unit Balance 230 at $ 53.60 = $ 12,328.00 March 1 March 5 Total March 5 March 9 Total March 9 March 18 Total March 18 March 25 Total March 25 March 29 Total March 29 Totals Perpetual FIFO Weighted Average > 3. Compute the cost assigned to ending Inventory using (a) FIFO. (6) LIFO. () weighted average, and (c) specific identification. For specific Identification, units sold include 130 units from beginning inventory, 260 units from the March 5 purchase, 110 units from the March 18 purchase, and 150 units from the March 25 purchase. Complete this question by entering your answers in the tabs below. Weighted Perpetual FIFO Perpetual LIFO Average Specific Id Compute the cost assigned to ending inventory using weighted average. (Round your average cost per unit to 2 decimal places.) Weighted Average Perpetual: Goods Purchased Cost of Goods Sold Inventory Balance Date Cost per # of units Cost per # of units Cost of Goods Sold unit Cost per unit # of units sold unit Inventory Balance March 1 230 at S 53.60 = S 12.328.00 March 5 Average March 5 March 9 March 18 Average March 18 March 25 Average March 25 March 29 Totals
